Article in The Economist: Seeing a lot of this lately: Lenders are turning to social media to assess borrowers. The article mentions “My Neo Finance”, a company that gives lenders the ability to look at social media and checking account activity to assess credit.
I think it makes sense for lenders to speed up the repo process to take advantage of higher used vehicle prices. Allowing someone to continue to drive a vehicle for months after they stopped paying for it never made sense to me. the longer they keep the vehicle after stoppong payments the worse condition it is in. Grab the collateral quickly and sell it at the auction while it still has some value,